Using a new security-level dataset covering $32 trillion in global investment positions, this paper establishes that the currency a bond is denominated in -- not the nationality of its issuer -- is …
PublishedClassicQuarterly Journal of EconomicsOnline 3 May 2021Published Jun 2021
Because global firms raise capital through subsidiaries incorporated in tax havens, official residency-based statistics attribute those securities to the haven rather than to the parent's country; …